HCC Paying $10M To Close Door On Backdating Suit

Law360, New York (February 8, 2008, 12:00 AM EST) -- Texas-based HCC Insurance Holdings Inc. said Friday that it had agreed to pay $10 million to settle a class action over alleged stock option backdating.

Court documents have yet to be filed in the matter, and a judge with the U.S. District Court for the Southern District of Texas will still have to bless the agreement. However, the specialty insurance company hopes this will close the book on its problems with backdating.

The settlement of the class action is “another step in the direction of putting...
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